Tuesday, June 18, 2013

Rise in Number of College Graduates

STOP THE PRESSES! This is ENORMOUSLY important news: after DECADES of stagnation, the number of young people earning college degrees has risen sharply.

The number of Americans graduating from college has surged in recent years, sending the share with a college degree to a new high, federal data shows.

The surge follows more than two decades of slow growth in college completion, which caused the United States to fall behind other countries and led politicians from both parties, including President Obama, to raise alarms.

Last year, 33.5 percent of Americans ages 25 to 29 had at least a bachelor’s degree, compared with 24.7 percent in 1995, according to the National Center for Education Statistics. In 1975, the share was 21.9 percent. The number of two-year college degrees, master’s degrees and doctorates has also risen recently.

The increases appear to be driven both by a sharp rise in college enrollment and by an improvement among colleges in graduating students. The trends could bring good news in future years, economists say, as more Americans become qualified for higher-paying jobs as the economy recovers.

College attendance has increased in the past decade partly because of the new types of jobs that have been created in the digital age, which have increased the wage gap between degree holders and everyone else. The recent recession, which pushed more workers of all ages to take shelter on college campuses while the job market was poor, has also played a role.